By Iain Gilbert
Date: Thursday 31 Jan 2019
LONDON (ShareCast) - (Sharecast News) - Home safety outfit FireAngel warned investors on Thursday that its full-year results would fall short of market expectations, swinging to an underlying loss of £2m from a £4.7m underlying profit last time.
FireAngel, the former Sprue Aegis until a name change in June last year as it attempts to transition into a business that delivers technology and solutions as part of an extended 'connected home' product set, expects to report a 30% drop in sales to £37.6m.
Furthermore, the AIM-listed outfit booked exceptional charges of £3.6m and share-based payments charge of £100,000 in the year ended 31 December. The previous year's underlying profit was before exceptional charges of £4.2m.
FireAngel, which warned on profits in November, said the disappointing figures were the result of "a year of significant disruption and distraction for the company". The exceptional charges relate to £1.1m of provisions against stock and disposal costs, £0.9m of incremental production ramp-up costs and £1.6m for the restructuring of distribution channels.
Looking forward, the company noted that, while it was disappointed in its financial performance, it remains confident that its transition from a self-contained hardware safety products provider to a "more integrated safety solutions provider" would underpin strong medium to longer-term growth and profitability.
Chairman John Conoley, who joined FireAngel earlier in the month to allow former executive chair Graham Whitworth to focus on execution, said: "The company had a challenging year in 2018 and has been very active in addressing the issues it has faced."
"The opportunity presented by growing demand for connected home solutions is significant and I look forward to contributing to the company during this next phase of growth."
As of 0840 GMT, FireAngel shares had tumbled 24.59% to 29.56p.
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Currency | UK Pounds |
Share Price | 4.25p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 7.50p |
52 Week Low | 2.10p |
Volume | 0 |
Shares Issued | 302.32m |
Market Cap | £12.85m |
Value |
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Price Trend |
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Growth |
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Latest | Previous | |
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Interim | Final | |
Ex-Div | 12-Oct-17 | 22-Jun-17 |
Paid | 27-Oct-17 | 07-Jul-17 |
Amount | 2.50p | 5.50p |
Time | Volume / Share Price |
0 @ 0.000p |
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